Allowed

Canara Bank v. Vedan Infra Project Pvt. Ltd.

DRT8 Apr 2025OA/309/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Canara Bank for recovery of a loan amount of approx. Rs. 1.02 crore against the borrowers and the company, holding them jointly and severally liable to pay with future interest and permitting the sale of hypothecated assets.

What did the court decide?

Defendants ordered to pay Rs. 1,01,99,612.28 with future interest; bank entitled to sell hypothecated assets and pursue defendants' properties; costs awarded.

Canara Bank versus Vedan Infra Project Pvt. Ltd. — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE OSth DAY OF APRIL, 2025

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PRESENT: SH. RAIYESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 309 OF 2024

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Canara Bank., Ameerpet Branch, Hyderabad - 500013. Rep. by its Power of Attorney Holder.

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.....Applica nt.

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Versus

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Vedan Infra and Projects Pvt Ltd., Rep by Directors Mr. Boinapally Mallikarjun Rao,

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And l{ rs. Boinapally Shireesha, Having Registered Office at O.No.7-2-4/D, 2"d Floor, Ind ustria I Estate Sanathnagar, Hyderabad - 500018, T.S.

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Also at:-

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Vedan Infra and Projects Pvt Ltd., Rep by Directors .^{Mr. Boinapally MallikarjunRao,} And M rs. Boinapally Shireesha, Having Factory at D.No.5-5715, Jinnaram Village and Mandal, Sangareddy - 502319, T.S.

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M r. Boinapa lly Mallikarjun Rao, S/o. Boinapally Kondal Rao, Aged 34 Years, Occ: Business, Flat No.11 1, Vasavi Indraprastha, Street No.1, CZECH Colony, Sanathnagar, Hyderabad-500018,^T.S.

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Also at:-

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Mr. Boinapally Mallikaiun Rao, S/o.Boinapa lly Kondal Rao, Aqed 34 Years, Occ: Business, N.,** (-/ -

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oA.NO.309/2024

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D.No.7-1-644/B/ 01, Plot No.12, Flat No.01, Arvinda Apa rtments, Sundernagar Colony, Erragadda, Hyderabad - 500038, T.S.

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M rs. Bolnapally Shireesha, D/o. Boinapally Konda I Rao, Aged 32 Years, Occ: Business, H.No.29 LIGH 02, BK Guda, SR Nagar, Hyderabad-500038, T.S.

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... Defendants

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Counsel for the Applicant : M/s.G.Adrian Kiran Raj

Defendants

: Ex- parte

:: qLLLL ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,01 ,99,672.28ps as on 26.04.2024 from the defendants^jointly and severally with future interest @24olo p.a. with monthly rests from 26.04.2024 till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 and 2, whereas summons served on D3 through paper publication. They were set ex-parte 0n 04.70.2024 as called absent and no representation.

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The Applicant Bank examined Rajneesh Rawat, Chief Manager, as AW-1 and marked 53 documents through him as Ex. A.l to Ex. A.53.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. Perused the written a rguments and material placed on record. l--/' //{}|unt'no

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oA.NO.309/2024

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The point that arises for consjderation is:_

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Whether the Applicant Bank is entiued for the claim made in the OA against the Defendants and OA hypothecated assefsT

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As stated supra, the Defendants remained ex_parte. The Evidence Afidavit coupled with the recitals in the documents viz,, Exs.A.1 to A.53 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.3O9/2024 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Appticant Bank a totat sum of Rs.1,01,99,612.28ps as on 26.04.2024 with future interest @1O.1Oolo p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debt;

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iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues2''nr\y1'., ,c1 |j/<n"'^

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oA.NO,309/2024

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iv) the applicant^{bank is entitledfor the costs'}

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B. The Applicant^{Bank is directed to file Cost Memo within2 weeks} from the date^{of receipt of this Order'}

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Issue Recovery^{Certificate accordingly'}

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Communicate^{a copy of this order to the parties concerned'} (Dictated to the steno, corrected,^{signedand pronounced by me in the open court on} this the 08th^{Day of April, 2025).}

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k*'ttq

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PRESIDING OFFICER

Canara Bank v. Vedan Infra Project Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Canara Bank v. Vedan Infra Project Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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